So you are considering the purchase of a franchise business. That’s a good start, especially for someone who has always wanted to own their own business. But, where do you start? There are thousands of franchises out there, how do I know which one is the best one for me? How do I make sure they are financially sound and this is a viable business? Are there any territories available near me?
What is a franchise consultant and how can they help me?
A consultant is typically defined as someone who gives advice or expertise in a specific field. The vast majority of people interested in owning a franchise don’t know where to start, don’t know what they want and certainly don’t know how to get there. A franchise consultant can help with all of these and much more. Consultants provide advice and assistance to people.
What do they do?
Franchise consultants can be extremely beneficial for a person looking for opportunities. They act similar to a guidance counselor by helping to guide them through the process of finding and purchasing a franchise as well as understanding the franchise industry. Consultants help people transition from employment to business ownership by matching them with a franchise opportunity that allows them to achieve their lifestyle goals as well as their income goals.
How do they help me research a particular business?
Doing your due diligence with a franchise brand is no small task. There are lots of key metrics to consider with each brand, the market and yourself. Franchise ownership is a life-changing venture, so candidates want to make sure they are doing their homework and soul searching to ensure they choose the right franchise for them and their families.
Candidates that work with me, skip the sales department and work only with the Franchise Development Manager, V.P., President, or Founder of the business. They won’t sell you on their franchise as they want you to be a good fit and potentially very successful. I help candidates to research the franchise properly. I help them find out everything they can NOT find on the internet. Such as Who owns the company? What is their background? How financially sound are they? What kind of litigation have they had in the past, especially if it was a lawsuit from a franchisee? And finally, we will find all the contact information for every franchisee. I want them to speak to at least 5 or 6 of them and they can ask anything they want – most will be extremely helpful. The last question I always have them ask a franchisee is, If you had it to do over again, would you buy this franchise? And you had better hear a lot of yes answers, otherwise the red flag needs to come up and we need to be looking at some other franchises.
Hopefully, you see that a franchise consultant is very beneficial for anyone interested in looking at franchise opportunities in their area. Similar to a realtor, there is no charge to candidates to utilize a consultant’s expertise. Franchise consultants receive a fee from a franchise brand when they bring them a qualified candidate that decides to purchase a franchise. However, let me be clear … Not everyone that I work with buys a franchise. But if you have an interest to see what opportunities there are, I would be more than happy to work with you.